China company to invest $390 million to Mandalay-Myotha Industrial Park Recent News

A company from China will soon start operations on 50 acres of land at Myotha Indus-trial Park in Ngazun Township, Mandalay Region with capital of US$390 million.

The company was set up under the name Mandalay Ba-oshan Myotha Industrial De-velopment Co. in December 2016. With approval of the My-anmar Investment Commission in June, first phase activities will be carried out on 50 acres by 2018, including factories, storage=, staff apartments and office buildings, officials said.

Mandalay Region govern-ment and Mandalay Myotha Industrial Development Public Co. (MMID) is implementing the Myotha Industrial Park project on over 10,000 acres of land. Techong Industrial Park Investment Development Co. from Yunnan Province, China will make an investment on 323 acres of the park.

“That company will lease the land from us to construct the factories. Then, they will rent the factories which they develop.

Therefore, the investors do not need to build the build-ing and they are ready to start production”, said U Aung Win Khain, the chairman of MMID.

The Mandalay Region Chief Minister has also inspect-ed areas of Myotha Industrial Park. This project is closely supervised by the regional government, said U Myat Thu, the Minister for Planning and Finance of Mandalay Region.

Five factories are currently running at that industrial park: foodstuff processing factories (one each from Indonesia and Denmark); a plywood factory from Hong Kong, a concrete production plant from Thailand and a snack factory from China. About 20 other factories also showed an interest in investing in Mandalay-Myotha Industrial Park.

“This project is the largest of its kind in upper Myanmar. We would like to invite inves-tors who want to be part of this project as co-developers”, said U Aung Win Khaing. – Min Htet Aung (Mandalay Sub-Printing House).